In this Benchmark Sustainable Wealth Forum episode, we feature Kevin Chor, Chief Life and Health Insurance Officer & Perkin Shek, Chief Health and Protection Product Officer of AXA Hong Kong and Macau, to have a chat over their best-in-class products.
Award-winning products: ***Critical Illness – MultiPro Critical Illness Protection Series ***Saving Product – Wealth Ultra Savings Plan
Sustainability is not traditionally a concept that one would associate with insurance companies. Instead, push marketing strategy usually comes to people’s minds when they think of insurers—a perception that generally turns people off the idea of talking to insurers altogether
All that AXA Hong Kong and Macau have given a facelift over the past couple of years.
GROWING THE MARKET
Named Insurance Company of the Year and Brand of the Year, by no other than the prestigious BENCHMARK, AXA has adopted an advice-led approach in its marketing strategy. Rather than cannibalizing the market or trying to steal someone else’s market share, the French insurer opts to grow the critical illness market, so much so that everyone now gets a bigger slice of the market.
And that is just part of what makes AXA the forward thinker of the insurance industry.
PIONEERING VALUE-ADDING SERVICES
“We started with the belief that sustainable business results would only come in the long term through taking good care of our customers and assisting them in taking good care of themselves.” With that in mind, AXA incorporates in their critical illness contracts a series of value-adding services, including preventative measures, post-treatment care, and services that take care of the clients’ family members.
“I believe those are encouraging. But I would even expect tangible results, uplift in health outcomes, uplift in health conditions should be observable even more clearly in the next few years.”
SUSTAINABLE WEALTH PLANNING
“Nowadays the customers are not only looking for short-term results. They also need to balance between the short and the long.” The theme of sustainability does not just stop there. Products that carry the same sustainability theme include savings products emphasizing wealth accumulation and products that do not just last a lifetime but can be passed onto future generations.
SOLID, TRANSPARENT ESG POLICY
“Investment policies and frameworks are indeed a big part of our overall ESG policy, strategies, and AXA as a group.” Such an ESG policy means a lot more than simply not investing in tobacco companies, and it is a policy that evolves. And if you are still not convinced about their ESG policy, their 88/100 score on the Dow Jones ESG Index should give you a vote of confidence.
AXA has always been very proactive in being transparent to its customers. Before a customer signs a new contract or agrees to a new proposal, AXA’s past performance results are available for their perusal in the decision-making process. Such products are not limited to just recent sales results, year-on-year, and other crucial figures are accessible as well.
LEARNING FROM 2020
If 2020 has taught us anything, it would be uncertainty. It did not just teach us to plan and prepare for the unexpected. It has also reminded insurers to constantly modernize and evolve their offerings to satisfy their clients’ ever-changing needs.
AXA was one of the first insurers to respond to COVID. It was the very first insurer to offer free COVID insurance to Hospital Authority staff. That undoubtedly bears testament to their alertness and readiness to evolve with the changing environment.
AXA is set to adapt to a new environment impacting everyone— customers, families, and friends. AXA believes that for an insurer to succeed, they would have to adapt to the changing environment in several areas—how accessible they are to their customers, their after-sales service, and how well and fast their products evolve to catch up with the latest happenings. It is of utmost importance that their products are timely and in tune with what is needed at the moment.
This episode is co-hosted by Elsa Pau, CEO of WealthAsia Group, and one of our industry veteran judges, Alexandra Tracy, President of Hoi Ping Ventures.